Marketplace lending

The challenger bank OakNorth has been peddling its lending platform to U.S. banks for a year. When it saw COVID-19 on the horizon, it retooled to include a ratings system predicting how borrowers will be affected by the pandemic.

The new regulation is intended as a workaround for banks affected by the 2015 decision that created legal uncertainty for loans sold across state lines.

The upstarts enjoyed rapid growth during the long economic expansion. Now they are on the ropes.

The online lender reported a hefty first-quarter loss on Thursday and said that a whopping 45% of its small-business loans are past due.

John Pitts, policy lead for Plaid, has some ideas to ensure Paycheck Protection Program legislation set to be voted on this week targets the companies most in need of a cash infusion.

The two sides say a deal to replenish the small-business loan program may be reached for a Senate vote early this week; big restaurant chains said to edge out small firms for loans.

Square Capital and other online lenders joined the Paycheck Protection Program just before it ran out of money. Now they’re ready and waiting for Congress to reload funds that could be better aimed at the smallest companies.

PayPal, Intuit QuickBooks Capital and Square Capital have been named direct lenders in the Paycheck Protection Program, and more await the go-ahead. They could be crucial to reaching the smallest firms trying to survive the economic toll of the coronavirus pandemic.

Upgrade's hybrid loan-card product can now be used without swiping as consumers and retail workers seek to minimize spread of novel coronavirus.

The online lender, which is looking to become a direct lender in the Paycheck Protection Program, has accepted 37,000 applications while working with an unnamed bank to fund businesses harmed by the coronavirus pandemic.

While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.

Compliance, risk management and staffing will likely come under added scrutiny as regulators lay out a framework for future fintech-bank mergers.

The online lender's latest product shows business owners their cash flow over the past 90 days and how it is likely to change. The idea is to help borrowers save time.

Tech firm accuses PNC of stealing trade secrets; online lender LendingClub agrees to acquire Radius Bank; questions arise whether regulators are turning more partisan; and more from this week's most-read stories.

The startup spawned in Eastern Bank's innovation lab says its bank customers asked for client-friendly software for account opening, credit cards and more types of commercial lending.

Kaustav Das was part of Kabbage’s effort to transform small-business lending by using new data analytics, and the CEO of Petal wants him to help it do the same in consumer credit cards.

Customers of the online lender's payments service can select their own loan terms.

The Financial Services Committee will also hold hearings next month on monetary policy, the CFPB and "astroturfing" worries, among other things.

Some fraudsters pose as loan applicants and submit doctored video or photos of property and assets to scam lenders they won't see in person. Firms like Elevate Funding and Credibly are fighting back.

The company best known for student lending expanded into personal lending less than two years ago. Now it says it is refocusing on core strategic priorities.